Global Energy Efficient Lighting Technology Market: Snapshot
Companies in the global market for energy efficient lighting technology are leveraging multi-pronged strategies to stay ahead of the curve. Product development is one of them. Many keen players are seen expending money into creation of sophisticated, affordable, and eco-friendly reliable lighting products to better satisfy the myriad demands of the market. Another popular strategy with companies is mergers and acquisitions, which not just helps them to diversify their product portfolios but also expand their geographical outreach.
The global market for energy efficient lighting technology is being boosted by the stringent regulations of governments trying to battle rising pollution. Their smart city projects across the world is also benefitting the market.
As per a report by Transparency Market Research, the global energy efficient lighting technology market will reach an estimated US$350 Bn by 2027 by expanding at a CAGR of 8.1% between 2019 and 2027.
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Energy efficient lighting technology market
Availability of Wide Array of Customized Shapes Makes LEDs Dominant Product Segment
The different types of products purveyed in the global energy efficient lighting technology market are incandescent lamp, light emitting diode (LED), arc lamp, and gas discharge lamps. The arc lamp can be further divided into xenon arc lamp, mercury xenon arc lamp, ultra high performance lamps, and metal halide lamp. The gas discharge lamps, again, can be divided into compact fluorescent lamp, linear fluorescent lamps, neon lamp, mercury vapor lamp, sodium vapor lamp, and electrode less lamp.
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The LEDs are expected to see maximum growth in the global energy efficient lighting technology market on account of their swift uptake on the back of surging popularity. This is because they are available in a range of customized shapes for both residential and commercial purpose. The gas discharge lamps are another promising segment that is expected to expand at a healthy clip. Compact Florescent Lamps (CFL) and Linear Fluorescent Lamps (LFL) are predicted to be main drivers of this product segment.
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Europe Leads Market Due to Thrust on Energy Efficiency by Governments
From a geographical standpoint, Europe is a leading market for energy efficient lighting technology which accounts for maximum share in revenue. The region’s dominant position is a result of several countries implementing the Energy Performance Certificates which require commercial spaces to adhere to energy efficient requirements and processes. The market in Europe is likely to clock a CAGR of above 8.0% from 2019 to 2027 to pull in a revenue of more than US$16.00 bn by 2027. Asia Pacific follows Europe in the second position in terms of market size vis-à-vis revenue. Swift pace of economic growth resulting in mega urban projects and supportive government policies have made the region lucrative for manufacturers. Asia Pacific registers a CAGR of more than 5.3% over the course of the forecast period. The growth is also owing to the initiatives taken by governments worldwide to promote the use of energy efficient lighting across the countries. For instance, in 2017, Government of India announced an investment of US$ 132.4 million into the energy efficient building program i.e. EESL that includes use of significant amount of energy efficient lightings across the country.
In terms of growth rate, North America is expected to surpass all other regions in the global market for energy efficient lighting technology by rising at a solid 17.7% CAGR from 2019 to 2027. The market in the region is mainly powered by the U.S. where most of the key players are domiciled. Further, government policies in the nation such as banning of incandescent lighting in the warehouse spaces has also proved beneficial to the demand.
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Some of the key players in the global energy efficient lighting technology market are
- Apple Inc.
- Bajaj Electricals Ltd
- Bridgelux Inc.
- Cooper Lighting
- Cree Inc.
- Digital Lumens, Inc.
- Eaton Corporation
- GE Lighting
- LIGMAN Lighting Co., Ltd
- Nichia Corporation
- OSRAM GmbH.
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